Our team of experts have chosen those ISAs they believe to be Best Buys. A selection of those, for which we have arranged links are shown above, whilst products shown with a yellow background are sponsored products.
Interest you earn from a traditional savings account is subject to income tax. Depending on your income tax banding, up to 45% of any interest you earn goes straight to the taxman!
But, cash ISAs are different…
ISA is short for Individual Savings Account. You may have heard of a NISA too, which simply stands for “new ISA”, and is much like the old version but with a higher allowance.
Additional Rate Taxpayer (45%)
Cash ISAs (or NISAs) can only have a maximum amount paid into them in each tax year, which runs between 6 April and the following 5 April.
In the 2014-15 tax year the ISA allowance is £15,000 (the allowance increased on 1 July 2014). You must pay your money in before 5 April 2015 to make the most of your 2014-15 ISA limit, and if you don’t use it, you lose it! Tax advantages will depend on your individual circumstances and may change in the future
If you also have an investment ISA, you may not be able to put this much into your cash ISA. Read our NISA/ISA guide to find out more, including the limits for investment ISAs and how you can split your money between investments and cash.
You can transfer your existing cash ISA, without losing the tax-free privileges. The two main reasons you’d do this are to:
Under current rules, this entire process should take no longer than 15 working days. Don’t bypass this process by withdrawing your cash from your old ISA and putting it into a new one. If you withdraw cash from an ISA/NISA it loses its tax-free treatment. Plus, depending on the size of your savings pot, you may not be able to put all of your money into the new cash ISA as it will exceed your annual ISA allowance.
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2014-15 ISA Allowance GuideFind out everything you need to know about saving or investing into an ISA from moneyfacts.co.uk, the independent experts
Where to Invest your ISAs in 2014Our FREE ISA guides explains where to Invest your ISA in 2014 which could help you pay less tax and how to achieve better returns. Download your FREE guide today with no obligation.
FREE Savings Market ReportsThe new tax efficient way to save your money for 2014. With more financial pressures saving money for the future is a useful way to build a nest egg. But how does it work and how much could you afford to save? Check out the latest reports
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